"Conditions look just fantastic across most of the country,"
In a typical growing season, at least some corn-growing states would have experienced drought or other production problems. But the 18 states that grow 91 percent of the nation's corn have experienced nearly ideal conditions this year, as adequate rain fell when plants emerged and cooler summer temperatures minimized heat stress.
That's the case in
The expected large harvest has driven corn and soybean prices significantly lower, but it isn't expected to make much of a short-time difference in consumer food prices. However, since the grains are staples in livestock feed, lower prices could eventually lead to a decline in the cost of beef, pork, chicken and milk.
"Eventually the economics will feed through but I wouldn't expect much relief in 2015 yet. It just takes time to go through the systems," Irwin said.
Weather doesn't deserve all the credit for the amount of grain farmers are getting from each acre this year.
Agriculture companies have developed genetic characteristics in seeds that allow plants to be packed more densely per acre and arm them with resistance to drought, disease, and pests. In addition, larger planters and tractors equipped with GPS programs can run at night if needed, helping farmers adjust planting when weather delays field work.
"When conditions are right we have the ability to get in and get that crop established so much more quickly than we could in the past ..." Welch said. "We're just creating an environment that when the weather cooperates we're capturing more of the potential and the possibilities genetically that are within that corn plant."
During the lifetime of the average U.S. farmer, who's 58, corn yields have more than tripled from a national average of 44 bushels per acre in the 1950s to nearly 150 bushels per acre in recent years.
Average corn yields set a record in 2009 with 164.7 bushels per acre. The
The record soybean yield also came in 2009, an average of 44 bushels per acre for a 3.36 billion-bushel harvest. The
"People were there from all over in corn-producing states and they said it just looks really good," he said.
The downside of a bumper crop is depressed prices for the farmers' haul, meaning they could break even or lose money.
The price for corn scheduled for December delivery, widely considered a benchmark, was
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